Laboratory informatics market expected to reach $6.61 billion by 2031 with 8.4% CAGR.
From GlobeNewswire: 2024-11-27 11:04:00
The global laboratory informatics market is set to reach USD 6.61 billion by 2031, with a CAGR of 8.4% from 2024. The market is driven by AI adoption in life sciences for data storage and analysis. Automation and integration solutions are also contributing to market growth with cloud-based solutions and LIMS leading the market in 2024.
Cloud-based laboratory informatics solutions are on the rise, offering benefits like data accessibility and reduced IT costs. Integrated solutions managing entire workflows are also trending. The market was valued at USD 3.75 billion in 2024, with North America dominating due to regulatory standards.
The Laboratory Information Management System (LIMS) segment is expected to maintain market dominance, streamlining lab operations. Services and software components are projected to lead in revenue share due to recurring needs. Key players include Agilent Technologies, Cerner Corporation, and Thermo Fisher Scientific Inc.
Recent developments in the market include partnerships to expand laboratory services and the launch of LabVantage Analytics for advanced data analysis. Coherent Market Insights offers customized research reports and consulting services for various industries, post-COVID-19 insights, and measurable results for clients.
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